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September 15, 2016

Deals this week: Southern Company, Brookfield Asset Management, and SolarCity Corporation

Southern Company has priced a public offering of 5.25% series 2016A junior subordinated notes maturing on 1 October 2076 to raise $800m.

Southern Company has priced a public offering of 5.25% series 2016A junior subordinated notes maturing on 1 October 2076 to raise $800m.

The offering is expected to close on or around 15 September 2016 and proceeds will be used to fund its 1.95% series 2011A senior notes due 1 September 2016, as well as other general corporate purposes and investment in its subsidiaries.

Brookfield Asset Management has agreed to issue its 3.8% medium-term notes due 16 March 2027 to raise C$500m ($382.3m).

Net proceeds will be used for general corporate purposes.

The placement agents for the offering are CIBC World Markets, RBC Dominion Securities, and Scotia Capital.

SolarCity Corporation has raised $305m through a private placement of shares subscribed to by a private investment fund affiliated with Quantum Strategic Partners.

The transaction also entails a fully amortised 18-year loan syndicated to five institutional investors.

The sole syndication and structuring agent was Bank of America Merrill Lynch and the financial advisor to Quantum Strategic Partners was Soros Fund Management.

Sumitomo Corporation and Marubeni Corporation have acquired a total of 45% of LS Power Group's equity interest in West Deptford Energy Holdings, an owner of the 751MW West Deptford gas-fired power station in Gloucester County, New Jersey, US.

Of the total, Sumitomo Corporation gained 10%, while Marubeni Corporation acquired 35%, leaving LS Power with 17.8%.

Other partners in the project include Ullico with a 14.5% equity interest, Prudential with 11.1%, and Arctic Slope Regional Corporation with 11.6%.

Hudson Clean Energy Partners has reached an agreement with Sky Solar Holdings to jointly acquire, construct, and own utility-scale commercial and industrial projects.

The partners will initially own and develop 22MW of commercial and small utility-scale solar photovoltaic (PV) power projects, selling energy to businesses, municipalities, and utilities in the US.

The two companies also intend to construct and jointly own 82MW of utility solar projects in Uruguay by mid-2017.

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